DECISION

Cabinet agreed to submit the budget and policy framework aspects of the report for review by the Overview and Scrutiny Committee.

1.    To propose a General Fund Revenue Funding Requirement of £383.551m for 2022-23 subject to any remaining changes arising from the final Local Government Finance Settlement, which includes a surplus of £5.413m in 2022-23 which will be allocated to one-off projects.

2.    To approve the Council Tax Base calculation for 2022-23 and agree that authority to approve this in future years is delegated to the Section 151 Officer.

3.    To propose to freeze the Tower Hamlets element of Council Tax and to only levy a 1% Adult Social Care precept for 2022-23. This will result in a Band D Council Tax of £1,146.54 (Council share) 2022-23 to be referred to Full Council for approval.

4.    To propose that the Interim Corporate Director – Resources, after consultation with the Mayor and Lead Member of Resources, makes any changes required to the budget following the final settlement announcement.

5.    To note that the Council is joining the 8 Authority Pool for Business Rates with seven other London Local Authorities for 2022-23 and note that delegated authority has been given to the Section 151 Officer to implement the Council’s inclusion in the pool.

6.    To approve the 2022-23 transfers to and from reserves as set out in paragraph 3.9 of the report.

7.    To approve the continuation of £1m funding from the Public Health grant to the Key Stage Two extension of Free School Meals.

8.    To approve that the increase in the Social Care Grant for 2022-23 is allocated in full to the services (75% to adult social care and 25% to children’s social care).

9.    To propose the 2022-23 Housing Revenue Account budget as set out in Appendix 7 to be referred to Full Council for approval.

10.To approve the HRA housing rent and service charge increases as outlined in section 3.11.

11.To approve the 2022-23 Management Fee payable to Tower Hamlets Homes (THH) of £33.236m as set out in paragraph 3.11.16 of the report.

12.To note that under the Management Agreement between the Council and THH, THH manages delegated HRA income and expenditure budgets on behalf of the Council.  In 2022-23, THH will manage delegated income budgets totalling £98.842m and delegated expenditure budgets totalling £32.128m.

13.To propose the 2022-23 Schools Budget.

14.To agree that the National Schools Funding Formula (NSFF) adopted by Tower Hamlets originally in 2019-20 continues for 2022-23. The only changes included are increases to the factor values in line with the NSFF and the use of the mobility factor in the NSFF for the first time.

15.To agree that the Minimum Funding Guarantee (the mechanism that guarantees schools a minimum uplift in per-pupil funding) is set as close as possible to 2.0%, the maximum allowed after consideration for growth and factor changes in School allocations.

16.To agree that the structure of the Early Years Funding Formula remains unchanged except that the two year old hourly rates will increase in line with the Early Years National Funding Formula. 

17. To note that the Local Council Tax Reduction Scheme will remain unchanged for 2022-23.

18.To note the Equalities Impact Assessment and specific equalities considerations as set out in Section 4 of the report.

Action by:

INTERIM CORPORATE DIRECTOR, RESOURCES (K. BARTLE)

(Director of Finance, Procurement and Audit (N. Visram)